A recent report from K&L Gates, LLP, suggests that foreign finacial institutions are finding it difficult to impliment the Foreign Account Tax Compliance Act, dispite guidance provided by the IRS. The Act is intended to reduce tax avoidance by corporations taking advantage of foreign tax havens by imposing a 30% withholding tax on "withholdable payments." See, REPORT FINDS CHALLENGES IN TIMELY FATCA IMPLEMENTATION, 2011 TNT 86-37.
Posted by Isaac Pflaum, Associate Editor, Wealth Strategies Journal.
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